5 Tips That Can Save Any Retailer

2. Never, ever compete on price … ever! Never develop a reputation for having the lowest price or fee and never sell or compete on price. This doesn't mean you can’t price fairly or offer package pricing, just don’t undercut the competition or try to compete with big business. Figure out what you need to charge to make substantial built-in profits above your “nut” — i.e., the cost of doing business.